Boom time ahead, Bangalore property prices all set to soar !
Has the headline made you sit up and take notice?Well it is true; Bangalore being one of the fastest growing real estate markets will soon see a significant rise in prices.But what is it that is triggering the property price rise? and why should you hurry ?
1. Revised guidance values
As you know, that the guidance values of properties were last revised in 2011 across Bangalore and is set to be revised again in 2013.Guidance values are mainly guidelines for the valuation of apartments and gated communities and they help in the revenue collection by the Central Valuation Committee.This revision will increase your property price by a minimum of 10%.
2. Popular work-destination for the yuppies
Our Bangalore has not only shaped up as the IT capital of India but has also become the favoured destination of investors with both domestic and international companies setting up office here.This factor is attracting a good percentage of educated, well paid and widely travelled workforce.These people have high expectations and an ability to pay for the premium, which in turn has become a key factor in increasing the property prices.
3. Namma Metro
Another major factor that has been slowly but steadily contributing to the rise in property prices is the presence of Metro in Bangalore.There has been a striking rise in prices of properties situated within a 2 km radius of the metro with an appreciation of value of almost Rs 4000 per square foot, which is quite high !
4. New 'blue-eyed boy' for builders
Bangalore has also seen a steady influx of builders from Hyderabad, Mumbai and even NCR. Not only that, leading builders like DLF, Hiranandani, Phoenix, Pashmina who have made quite a name in the luxurious properties sector are in the process of creating a strong presence in Bangalore.These builders are offering properties that have extended the ambit of what luxurious defines, keeping the ‘high net individual’ as their target customer. While it does bring world class facilities and amenities to Bangalore, it also increases the average price of property.As you see, these are the main reasons that are contributing to the rise in property prices in Bangalore.Serious investors however do not see this as a deterrent to investing in real estate in Bangalore. With Bangalore set to compete with any other metro cities in every respect, investing here would always guarantee great returns.So before it becomes too steep take the leap !